Refine results

Loan amount

Loan Purpose

Annual Income

Zip Code

Credit Score

Personal Loans: Estimated offers for $5,000

Debt consolidation loans for borrowers with average credit

You can use an unsecured personal loan to consolidate debt or finance large purchases. Interest rates and terms can vary, based on your credit score and other factors. Compare loans from multiple lenders and learn more about personal loans.

What is a personal loan?

A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments, typically over two to five years, along with interest. The annual percentage rates on loans from mainstream lenders can range from 5% to 36%.

Most personal loans are unsecured, which means they aren’t backed by collateral. A secured loan backed by a car or house typically is cheaper, but you can lose the asset if you default on paying it back.

Unless you qualify for a 0% interest balance-transfer credit card, the rates on personal loans are typically cheaper than those on credit cards, and the amounts you can borrow are usually higher. If you have big balances on multiple high-interest credit cards, a personal loan can help you consolidate the debts into one payment at a lower rate.

Compare rates from multiple lenders before choosing. The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Learn more about how to get a personal loan.

What rate should I expect?

Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates on personal loans look like, on average:

How's your credit?

Score range

Estimated APR

Source: NerdWallet lender survey

Excellent

720 - 850

13.9%

Good

690 - 719

18.0%

Average

630 - 689

21.8%

Bad

300 - 629

27.2%; lowest scores unlikely to qualify

What are the requirements?

Almost all lenders require you to be 18 or older and a legal U.S. resident with a verifiable bank account, and not be in bankruptcy or foreclosure.

Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges. Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but expect rates near the higher end of the range — up to 36%. Other options for borrowers with bad credit include secured or co-sign personal loans.

Some lenders say they don’t have minimum credit score requirements, but that doesn’t mean they don’t check your credit report. Knowing your credit profile before you apply can help set expectations. Several personal finance websites, including NerdWallet, offer free access to your credit score and credit report. Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.

Disclaimer: NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. Pre-qualified offers are not binding. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly.

Disclaimer: All loan information is presented without warranty, and estimated APR and other terms are not binding in any way. All loans presented on this page have a maximum APR of no greater than 35.99% with terms not less than 12 months to not more than 84 months. As an example, a $10,000 loan with an APR of 14.50% and a term of 36 months would cost $12,391.55 over the life of the loan. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. Only borrowers with excellent credit will qualify for the lowest rate. All loans are subject to credit review and approval. NerdWallet is located at 875 Stevenson St, San Francisco, CA 94103.